BXMT vs. BXSL

Last updated Apr 2, 2026

Compare and contrast key facts about Blackstone Mortgage Trust, Inc. (BXMT) and Blackstone Secured Lending Fund (BXSL).

Performance

BXMT vs. BXSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackstone Mortgage Trust, Inc. (BXMT) and Blackstone Secured Lending Fund (BXSL). The values are adjusted to include any dividend payments, if applicable.

BXMT vs. BXSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BXMT Blackstone Mortgage Trust, Inc.	0.57%	21.13%	-7.90%	13.46%	-24.03%	-5.05%
BXSL Blackstone Secured Lending Fund	-8.43%	-9.36%	29.02%	37.82%	-26.03%	24.96%

Fundamentals

Market Cap BXMT : $3.21B BXSL : $5.35B
EPS BXMT : $0.64 BXSL : $1.85
PE Ratio BXMT : 29.39 BXSL : 12.58
PB Ratio BXMT : 0.92 BXSL : 0.86
Total Revenue (TTM) BXMT : $687.12M BXSL : -$320.20M
Gross Profit (TTM) BXMT : $571.43M BXSL : $481.76M
EBITDA (TTM) BXMT : $0.00 BXSL : $451.21M

Returns By Period

In the year-to-date period, BXMT achieves a 0.57% return, which is significantly higher than BXSL's -8.43% return.

BXMT

• 1D: -1.98%
• 1M: -2.09%
• YTD: 0.57%
• 6M: 6.07%
• 1Y: 4.06%
• 3Y*: 13.39%
• 5Y*: 0.12%
• 10Y*: 5.99%

BXSL

• 1D: -1.52%
• 1M: -0.33%
• YTD: -8.43%
• 6M: -4.57%
• 1Y: -20.01%
• 3Y*: 8.79%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BXMT vs. BXSL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BXMT

BXMT Risk / Return Rank: 44
BXMT Sharpe Ratio Rank: 47
BXMT Sortino Ratio Rank: 39
BXMT Omega Ratio Rank: 38
BXMT Calmar Ratio Rank: 47
BXMT Martin Ratio Rank: 49

BXSL

BXSL Risk / Return Rank: 10
BXSL Sharpe Ratio Rank: 7
BXSL Sortino Ratio Rank: 9
BXSL Omega Ratio Rank: 10
BXSL Calmar Ratio Rank: 11
BXSL Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BXMT vs. BXSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackstone Mortgage Trust, Inc. (BXMT) and Blackstone Secured Lending Fund (BXSL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BXMT	BXSL	Difference
Sharpe ratio Return per unit of total volatility	0.17	-0.85	+1.02
Sortino ratio Return per unit of downside risk	0.41	-1.12	+1.53
Omega ratio Gain probability vs. loss probability	1.05	0.86	+0.19
Calmar ratio Return relative to maximum drawdown	0.26	-0.81	+1.07
Martin ratio Return relative to average drawdown	0.71	-1.39	+2.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BXMT vs. BXSL - Sharpe Ratio Comparison

The current BXMT Sharpe Ratio is 0.17, which is higher than the BXSL Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of BXMT and BXSL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BXMT	BXSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	-0.85	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.31	-0.26

Correlation

The correlation between BXMT and BXSL is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BXMT vs. BXSL - Dividend Comparison

BXMT's dividend yield for the trailing twelve months is around 10.02%, less than BXSL's 13.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BXMT Blackstone Mortgage Trust, Inc.	10.02%	9.83%	12.52%	11.66%	11.71%	8.10%	9.01%	6.66%	7.78%	7.71%	8.25%	8.52%
BXSL Blackstone Secured Lending Fund	13.20%	11.70%	9.53%	10.64%	13.02%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BXMT vs. BXSL - Drawdown Comparison

The maximum BXMT drawdown since its inception was -97.98%, which is greater than BXSL's maximum drawdown of -36.80%. Use the drawdown chart below to compare losses from any high point for BXMT and BXSL.

Drawdown Indicators

	BXMT	BXSL	Difference
Max Drawdown Largest peak-to-trough decline	-97.98%	-36.80%	-61.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-23.47%	+9.88%
Max Drawdown (5Y) Largest decline over 5 years	-43.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-67.86%	—	—
Current Drawdown Current decline from peak	-68.98%	-22.27%	-46.71%
Average Drawdown Average peak-to-trough decline	-58.83%	-13.88%	-44.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	13.69%	-8.68%

Volatility

BXMT vs. BXSL - Volatility Comparison

Blackstone Mortgage Trust, Inc. (BXMT) has a higher volatility of 8.06% compared to Blackstone Secured Lending Fund (BXSL) at 7.57%. This indicates that BXMT's price experiences larger fluctuations and is considered to be riskier than BXSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BXMT	BXSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	7.57%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	15.59%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	23.61%	23.65%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.55%	23.77%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.48%	23.77%	+8.71%

Financials

BXMT vs. BXSL - Profitability Comparison

The chart below illustrates the profitability comparison between Blackstone Mortgage Trust, Inc. and Blackstone Secured Lending Fund over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BXMT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Blackstone Mortgage Trust, Inc. reported a gross profit of 273.34M and revenue of 389.03M. Therefore, the gross margin over that period was 70.3%.

BXSL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Blackstone Secured Lending Fund reported a gross profit of 0.00 and revenue of -1.06B. Therefore, the gross margin over that period was 0.0%.

BXMT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Blackstone Mortgage Trust, Inc. reported an operating income of 267.55M and revenue of 389.03M, resulting in an operating margin of 68.8%.

BXSL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Blackstone Secured Lending Fund reported an operating income of 0.00 and revenue of -1.06B, resulting in an operating margin of 0.0%.

BXMT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Blackstone Mortgage Trust, Inc. reported a net income of 39.56M and revenue of 389.03M, resulting in a net margin of 10.2%.

BXSL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Blackstone Secured Lending Fund reported a net income of -12.20M and revenue of -1.06B, resulting in a net margin of 1.2%.